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How Credit scores work might be changing soon.
November 10, 2018
5:40 pm
User230
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https://globalnews.ca/news/4645142/new-credit-scores-fico-duca-canada/

They might be based on not just debt but peoples savings account and their flows of money through their accounts.

Interesting article. Seems it's already happening in the USA and DUCA is trying to bring it to Canada as well.

November 10, 2018
5:47 pm
Top It Up
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Everything comes at a cost to one's privacy - from the Global article -

By signing up through an app, Americans who agree to data collection from their bank accounts will get an UltraFICO score that could boost their FICO score. That could improve their chances to be approved for a loan or allow them to borrow at cheaper rates.

November 10, 2018
5:56 pm
Bruford
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For one, Hoyes is concerned about privacy.

“This creates a pipeline to your bank account. Is it worth it?”

After all, he noted, credit bureaus have not been immune from data hacks. In 2017, Equifax revealed it had suffered a breach that affected nearly 150 million Americans and over 19,000 Canadians.

This is eerily similar to what Statistics Canada is going to do "whether we like it or not"

November 10, 2018
7:37 pm
Kidd
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The days of me worrying about my credit score have long past, actually i never worried about it. The thing is... banks make their money by lending money. Banks continually issue credit to the most undeserving, the most unworthy of unworthy. That is why the poorest of the poor owe Trillions of dollars. The banking system was designed for the sole purpose of collapsing the entire economy.

I worry... the white collared liberals, those who have this insane idea of "fairness" will make me continue to pay for the deadbeats, by increasing my taxes to an even higher level. Not only have i supported and raised my own family, i am expected to give others a life of luxury. This system does NOT work.

November 11, 2018
8:06 am
Bill
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Kidd, I DO enjoy your posts (especially the ones I'm lucky enough to read before they disappear), but "the banking system was designed for the sole purpose of collapsing the entire economy" - ?? I didn't know that. Wikipedia tells me banking systems have been around since 2000 BC so it looks like it's not been successful so far. I can't imagine why people would go to the bother of setting up and maintaining a system that is designed to collapse the economy in its entirety, can you flesh out a bit what you mean by this?

November 11, 2018
4:23 pm
Kidd
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My theory... banks love to lend money to those who can never repay their loan. The exorbitant interest rate charged, more than covers the cost of the initial loan. That's why banks fight over college kids... where better to start when you are wanting to bury someone in debt for the rest of their lives. They have tuition, books, food, accommodation and now their very first credit card. This is personal debit, NOT mortgage debt.

Mortgage debt is one that can bite the lender in the ass. When housing prices correct, the holder of that paper can and will get burned. The financial crisis of 2007 - 2008 dealt with the selling of bad paper. Banks knowingly extended mortgage credit to those who could never repay, then the banks sold off this bad paper to others, lying about its worth.

The system was initially designed so that, i lend you money that i know you can not repay. Then i seize all of your assets at bargain basement prices. I take your land, your house and in some cases, i take your family. JP Morgan, Wells Fargo, the Rockefellers, they started it all, with the purpose of making themselves RICH RICH RICH.

https://www.globalresearch.ca/the-federal-reserve-cartel-the-eight-families/25080

https://en.m.wikipedia.org/wiki/Financial_crisis_of_2007–2008

https://www.theguardian.com/business/2018/oct/03/world-economy-at-risk-of-another-financial-crash-says-imf

Is peter a magician? Some of my posts disappear within seconds. My Hasbro helping the Toronto police solve a crime was removed in about 30 seconds but i had one hell of a good laugh typing that one.

November 11, 2018
6:13 pm
Bill
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I see. It should be remembered that a debt contract involves two willing parties, so those who sign up for loans they can never repay and with high interest rates do so voluntarily. And they would share at least equally in the blame for any fallout, they are under no obligation to enter into the arrangement. (Also in the case of USA's crisis it helps to remember Bill Clinton's Democrats decided it would be a popular policy to make home ownership a fundamental right and so they directed, or gave the green light to by relaxing criteria to qualify, lenders to make it happen.) I guess those who sign up for easy credit get to enjoy (at least for a while) stuff/assets that they otherwise would never be able to buy, so sounds to me like the banks are sort of like charities. Guess it depends on point of view.

November 11, 2018
8:54 pm
AltaRed
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I believe it was Bush who said 'every American should be able to own a home' https://www.youtube.com/watch?v=QYvtvcBKgIQ

November 12, 2018
12:40 pm
Londonguy
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Bush did say that, but it was Clinton who effectively repealed the Glass-Steagall Act

https://en.wikipedia.org/wiki/Glass-Steagall_legislation

November 12, 2018
12:54 pm
Top It Up
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It all started in 1928, when the Republicans promised a chicken in every pot and a car in every garage were Hoover to win the Presidential race - fortunately / unfortunately, the Great Depression kiboshed that plan.

November 12, 2018
1:09 pm
christinad
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My understanding is the banks targetted the poor and ethnic minorities. They didn't necessarily know any better but it seems like a lot of people got caught up in it. Let that be a lesson to us.

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